Germany's EnBW to invest $1.25 bln in renewable energy in Turkey

"As a first step, we want to invest around 1 billion euros in the next three to four years," EnBW boss Hans-Peter Villis told the Financial Times Deutschland.

 

EnBW has signed a letter of intent with the Turkish group, Borusan Holding, with each side owning a 50 percent share of the joint project.Â

 

The Turkish market for renewable energy is expected to grow by around 8 percent per year, the newspaper said.

 

The development of wind and hydraulic energy sources was expected to result in a maximum generating capacity of 1,000 megawatts, EnBW said.

 

Borusan is a conglomerate with sales of more than 2 billion euros ($2.5 billion) in 2007, with operations in steel production and the distribution of the German luxury automobile BMW, the report said.

 

EnBW is the fourth biggest German power company, with 2008 sales worth more than 16 billion euros ($20.2 billion).

 

The French energy group EDF owns 45 percent of the shares in EnBW.

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